Report: Howard Hughes Exploring Strategic Alternatives, Possible Sale

Howard Hughes Corporation (NYSE: HHC) shares spiked shrply higher Thursday morning after CNBC's David Faber reported the company has hired Centerview Partners to explore alternatives, including a sale.

Howard Hughes is a major real estate development and management company based in Dallas, Texas. Centerview Partners is an independent investment banking and private equity investment firm.

Pershing Square ’s Bill Ackman controls 4% to 5% of the Howard Hughes including stock and derivatives and is “fully supportive” of the plan to review alternatives.

Howard Hughes shares were trading higher by 29.4% at $119.94 before being halted for trading at 10:41 a.m. ET. The stock has a 52-week high of $142.36 and a 52-week low of $89.51.

Related Links:

This Day In Market History: Howard Hughes Flies Government-Commissioned Spruce Goose

Bill Ackman Reveals A New Long Position In Starbucks